Are there any benefits to a veteran-owned business? Are there any tax breaks, better loan terms?
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Caran Ebert, CPA
There are many organizations that offer discounts to veterans. Joining Veteran's Advantage may help. You should also attend an SBA workshop for new business owners as they provide a speaker each week on different business subjects. Each week you work on your business plan which will get you a step closer to an SBA loan. There are no tax breaks for veterans but if you learn all you can eventually you will find all those hidden write-offs that those big business companies get to use to reduce their income to zero. May I suggest that you either download Publication 17 Your Federal Income Tax Guide for Individuals and Publication 334 Tax Guide for Small Business from the IRS website to help you understand in very easy to read wording what deductions are available to you on an individual income tax return as well as your business return.Leave a Comment 408 weeks ago